Phony financial planner defrauds churchgoers

James J. Buchanan of the Christ Life Church in Tempe, Arizona, defrauded 30-40 people out of over $5 million over the last ten years. He claimed to be a financial planner, and took many people’s life’s savings, as well as money from the church. The Maricopa County Sheriff’s Office says it’s hard to tell where the money went, but it appears that he used some of it to pay off early investors in classic Ponzi scheme style, and spent the rest on himself. His fraud collapsed this March, after he refused to provide documentation to show where one investor’s money was, and that investor refused a payoff to stay quiet and went to the police.

(A previous discussion of religious affinity fraud at this blog.)

About Jim Lippard
  • http://www.blogger.com/profile/13592839668699751429 Migo

    This comment has been removed by the author.

  • http://www.blogger.com/profile/16428187448851279866 Daily Coffee

    Individuals, such as this one, certainly do not paint Christianity or its’ followers in a commendable manner. In this instance, greed and selfishness has replaced the Bible’s call for selfless living and to love one’s neighbor as you would love yourself. Basically, if you value your money, avoid the Church. What would Jesus say of his followers if he were here today? I’m certain he would not be pleased.

  • http://www.blogger.com/profile/01486746712862134295 rico

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